News In Brief

By
Robert Kilborn, Judy Nichols, and Joshua S. Burek /
May 25, 2000

Ford Motor Co. and BMW ended speculation that their deal for the latter's Land Rover division was in trouble by signing transfer papers in Munich, Germany. The $2.74 billion transaction gives Ford ownership of Land Rover's assembly plant, dealerships, research and development center, and other assets, effective June 30. The companies inked a memorandum of understanding on the sale March 16. But when the terms still hadn't become final two months later, rumors surfaced that they were wrangling over the price.

Smith Corona Corp., once one of the world's leading makers of typewriters, filed for bankruptcy and agreed to sell its assets to Carolina Wholesale Office Machine Co. for about $6 million. It is the second time in five years that the 97-year-old company - which is now an office supplier based in Cortland, N.Y. - has sought protection from its creditors under federal laws. Carolina, a distributor of office equipment and supplies, is based in Charlotte, N.C.